Isle of Man Issues First Token-Based Supplier License

Asia Blockchain Review

September 23, 2019

The leading casino platform supplier, FunFair Technologies, headquartered in Singapore, has received the first token-based supplier license from the Isle of Man, a self-governing British Crown dependency in the Irish Sea between Great Britain and Ireland.

The license will enable FunFair to fully conduct its businesses within the Isle of Man’s tier-one gaming framework, according to a report by Gaming Intelligence.

Legalizing Blockchain Gambling Platform

Stefan Kovach, CCO of FunFair Technologies, said, “We’re incredibly proud and excited to have been approved for a license from a tier one gaming jurisdiction.”

“Not only does this legitimise FunFair’s blockchain gaming ecosystem but it also keeps us right there as a leader at the forefront of regulated, decentralised technology and token-based gambling.”

As part of the licensing process, FunFair Holdings (IOM) Ltd has been founded by Isle of Man-based FunFair to work alongside regulatory bodies on the island and other licensed organizations based outside the jurisdiction.

Isle of Man: FunFair to Bring New Opportunities

Lyle Wraxall, CEO of Isle of Man Digital Agency, stated, “Digital Isle of Man is delighted to welcome FunFair to the Isle of Man as the first operator to obtain a token-based software supplier license in our jurisdiction.”

“The agency is continually working to develop the Island’s digital sectors and what makes this license so exciting for us is that it links two of our key sectors; eGaming and Blockchain. As an addition to our cluster of digital stakeholders, FunFair will offer opportunity for existing Isle of Man operators to take on new products as a result of the license.”

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Asia Blockchain Review aims to connect all blockchain enthusiasts on a regional scale, facilitating the technological underpinnings of blockchain through a range of group discussions, technical workshops, conferences and consulting programs.